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No. 1094 amending resolution no. 1065 which amended resolution no. 1054 regarding the issuance of tax increment revenue refunding bonds
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No. 1094 amending resolution no. 1065 which amended resolution no. 1054 regarding the issuance of tax increment revenue refunding bonds
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A , <br />to interest payments and delivery to the <br />Insurance Trustee, in form satisfactory <br />to the Insurance Trustee, of an <br />appropriate assignment of the registered <br />owner's right to payment, (iii) that <br />should they be entitled to receive full <br />payment of principal from AMBAC <br />Indemnity, they must surrender their <br />Bonds (along with an appropriate <br />instrument of assignment in form <br />satisfactory to the Insurance Trustee to <br />permit ownership of such Bonds to be <br />registered in the name of AMBAC <br />Indemnity) for payment to the Insurance <br />Trustee, and not the Paying Agent and <br />(iv) that should they be entitled to <br />receive partial payment of principal from <br />AMBAC Indemnity, they must surrender <br />their Bonds for payment thereon first to <br />the Paying Agent who shall note on such <br />Bonds the portion of the principal paid <br />by the Paying Agent and then, along with <br />an appropriate instrument of assignment <br />in form satisfactory to the Insurance <br />Trustee, to the Insurance Trustee, which <br />will then pay the unpaid portion of <br />principal. <br />(5) In the event that the Paying Agent has <br />notice that any payment of principal of <br />or interest on a Bond which has become <br />due for payment and which is made to a <br />Bondholder by or on behalf of the City <br />has been deemed a preferential transfer <br />and theretofore recovered from its <br />registered owner pursuant to the United <br />States Bankruptcy Code by a trustee in <br />bankruptcy in accordance with the final, <br />nonappealable order of a court having <br />competent jurisdiction, the Paying Agent <br />shall, at the time AMBAC Indemnity is <br />notified pursuant to (1) above, notify <br />all registered owners that in the event <br />that any registered owner's payment is so <br />recovered, such registered owner will be <br />entitled to payment from AMBAC Indemnity <br />to the extent of such recovery if <br />sufficient funds are not otherwise <br />available, and the Paying Agent shall <br />furnish to AMBAC Indemnity its records <br />evidencing the payments of principal of <br />and interest on the Bonds which have been <br />made by the Paying Agent and subsequently <br />
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